Title
An Ordinance approving Redevelopment Project 2 for the Oldham Village Tax Increment Financing Plan and activating the collection of Tax Increment Financing revenues therein.
(Note: First read by Council on January 7, 2025.)
Body
Summary of Developer’s Incentive Requests:
Oldham Investors, LLC (“Developer”) is requesting incentives to redevelop the former ADESA Auto Auction site (the “Project”) and other properties in the area that have been acquired by Developer for the Project. Developer is requesting the following incentives for the Project:
1. Tax Increment Financing Plan - This incentive would collect payments in lieu of taxes (PILOTs) and economic activity taxes (EATs) to as allowed by the Tax Increment Financial Allocation Act as set forth in Chapter 99.800, RSMo et seq. (the “TIF Act”).
2. Community Improvement District - The City approved the 291 South Regional LCRA Redevelopment Plan as discussed below. The City’s intention at that time was to pursue a community improvement district (“CID”) with boundaries that are coterminous with the approved 291 South Regional LCRA Plan. The City evaluated sales tax revenue generation that would result from including the area south of the 291 North interchange in the regional CID. Developer thereafter requested that the CID include the area south of the 291 North interchange, as well as the Hy-Vee store located at 310 SW Ward Road. The petition being presented to the City Council includes the property originally proposed to the City Council when the 291 South Regional LCRA was approved in November 2023, along with the additional properties that Developer is requesting to include in the CID area.
The CID would generate revenues to fund these regional public improvements, as outlined in the CID Petition:
(A) 291 North Interchange costs - These include (i) costs already funded by the City to relocate the Missouri Highway Patrol Troop A Headquarters to another location in the City as a result of the 291...
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